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MN SF320
Bill
Status
1/22/2019
Primary Sponsor
Jason Isaacson
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AI Summary
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Amends Minnesota Statutes section 16A.103 to require state budget forecasts to include expenditure estimates for inflation and variables outside legislative control.
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Removes the prohibition that prevented expenditure estimates from including an allowance for inflation, allowing inflation adjustments in forecasts.
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Requires the commissioner to determine inflation rates, debt service calculations, investment income, and other forecast variables in consultation with senate State Government Finance Committee and house Ways and Means Committee chairs, lead minority members, and legislative fiscal staff.
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Mandates consultation occur at least three weeks before forecast release, with the commissioner informing relevant legislative leaders no later than two weeks before release of any changes in forecast variables from the previous forecast.
Legislative Description
State budget forecast inflation adjustment requirement
Last Action
Referred to Finance
1/22/2019